From an on-chain perspective, Gemini has been experiencing declining exchange activity:
1- Cryptocurrency reserves (BTC, ETH, and stablecoins reserves are at multi-year lows),
2- BTC deposits from other exchanges into Gemini (a sign of users avoiding sending their money to Gemini)
3- Trading volume (BTC trading volume was down 52% YoY in December 2022 and is just a fraction of what it was in previous years).
Nonetheless, Gemini seems to have continued processing exchange user withdrawals without trouble.
To follow the above and other metrics related to Gemini Exchange, visit our Gemini Exchange Analysis Dashboard 👇
cryptoquant.com/dashboard/63b4…
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